Prior art on zinc alloys as described in Ser. No. 07/314,950 filed Feb. 23, 1989 utilized the concept of fluxing to induce intermetallic bonding between reinforcing shots and zinc alloy matrix. The elimination of flux will reduce the fabrication cost of zinc alloys when the reinforcing shots are cheap and readily available like chilled iron shots. The goal of the present invention is to develop such economic method of manufacturing zinc-based alloys while maintaining comparable mechanical/physicochemical properties of conventional zinc alloys such as ZAMAK 3, ZAMAK 5, ZA 8, or ZA 12. These alloys have been used in zinc die casting industry to manufacture decorative, functional, and structural parts. The primary aim of the present invention is to replace part of zinc element used in producing such parts with cheap iron shots such that the cost of final parts can be reduced without any serious adverse effect on manufacturing and performance behavior.